Isoquants that are downward-sloping straight lines imply that the inputs
A) are perfect substitutes.
B) are imperfect substitutes.
C) cannot be used together.
D) must be used together in varying proportions.
A
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The classically-based models (classical, new classical, monetarist, real business cycle) all agree that
a. markets always clear. b. monetary policy can affect output in the short-run but not the long-run. c. changes in aggregate drive most changes in output. d. stabilization policy is ineffective. e. None of the above
A government-sponsored good is often
A) produced by the government. B) subsidized. C) taxed. D) advertised.
Which of the following economic systems answers the basic economic questions by copying the previous generation?
a. Traditional economy. b. Command economy. c. Market economy. d. Capitalism.
If the MRP of an acre of land were $1,000 and its rent were $500,
A. more land is being used than should be used. B. exactly the right amount of land is being used. C. not enough land is being used. D. only half as much land is being used as should be used.